Aberdeen oil firm to pay first dividend

ELAND Oil & Gas has announced plans to pay its first dividend after achieving record production in Nigeria last year.

The Aberdeen-based firm said it is expected that the maiden dividend will be declared for the current financial year, which ends on December 31. It is expected to deliver a dividend yield of between two per cent and 2.5% of the Aim-listed company’s average share price for the year.

Chief executive George Maxwell said the company’s cash generative business ensured it was fully funded for future growth and will underpin its dividend going forward.

Eland launched a £3 million share buyback programme in November.

It produced an average 8,000 barrels oil daily in Nigeria the last financial year, against around 4,000 bopd in the preceding period.

Source: The Herlad